I could come up with a number of excuses how I missed this story... On April 14th, 2011 President Obama signed H.R. 4, the “Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011," putting an end to the pending requirement mandating all businesses 1099 any other business (Sole Prop, LLC, Corporation, etc.) they purchase goods and/or services from. You may recall our initial article about Section 9006 of H.R. 3590 where we outlined the mandate that many believed added undue financial burden to businesses throughout the country through extra data collection and accounting procedures.
Well I am happy to report that there is no more need to be alarmed, since, for now, this requirement has been officially repealed.
To learn more about the repeal and H.R. 4, please visit the links below:
White House Press Release on H.R. 4
Article from Forbes shortly after Congress agreed on the repeal
